Henry Ford is an American business magnate who is the founder of the Ford Motor Company. Henry Ford is still remembered for the influence he had on the automobile and the mass production industry as he was the key person to manufacture cars that were affordable by middle-class people in a period where cars were highly expensive, and only the rich could afford it. He was also a pivotal person to promote the assembly line technique, and his system of work and production is credited as Fordism. Keep scrolling to know more about the career and net worth of Henry Ford in 2020.
Early Life & Biography
Henry Ford was born to businessman William Ford and Mary Ford on July 30, 1863, in Greenfield Township, Michigan, the United States. Henry was the eldest son of the couple who had four siblings namely Margaret Ford, Jane Ford, William Ford, and Robert Ford.
Henry announced his neighborhood that he is going to become a successful technician in the future by dismantling and reassembling timepieces of his friends and neighbors when he was 15. He became an apprentice machinist in Detroit in 1879 working for the Detroit Dry Dock Co. In 1882, he became a skilled Westinghouse Portable Steam Engine operator and was employed by Westinghouse as a steam engine serviceman.
Henry Ford married Clara Jane Bryant in April 1988, and the couple welcomed their only son Edsel Ford on November 6, 1893, who was the president of the Ford Motor Company from 1919 to 1943. Henry Ford was an anti-Semite who ran the newspapers The International Jew and The Dearborn Independent. He was also an avid supporter of pacifism.
Career, Awards & Nominations
After spending two years at the Edison Illuminating Company, Henry Ford became a chief engineer in 1893 and conducted personal experiments with gasoline engines which resulted in the completion of the Ford Quadricycle. Thomas Alva Edison encouraged Ford’s work, and he left the company and founded Detroit Automobile Company in 1899 along with William H. Murphy.
The company was dissolved in January 1901, and in November 1901 they founded the Henry Ford Company which was renamed as Cadillac Automobile Company in 1902 after the exit of Ford. Henry along with his old friend Alexander Y. Malcomson founded the Ford & Malcomson, Ltd. which became the Ford Motor Company in 1903 with the capital of $28,000.
Ford designed a car recording 91.3 miles/hour speed which inspired racer Barney Oldfield. Ford came up with his Model T on October 1, 1908, which was sold for $825. He paid his labors $5 per day and introduced the system of working 8 hours/day for five days in a week. He came up with Model A in 1927 and his company entered aviation business during the World War I and their aircraft Ford 4AT Trimotor was a huge success. He was inducted to the Automotive Hall of Fame in 1946 and the U.S. Business Hall of Fame in 1975.
Net Worth & Earnings
He is considered one of the richest figures of all time who managed to amass a huge fortune through his company. There was a time in America when 50% of the cars on the roads were his company cars, and his low priced cars took his production to more than 1 million cars in 1920. His net worth at the time of his death was nearly $200 billion.
Henry died due to cerebral hemorrhage in the year 1947, at the age of 87. He was kept for public viewing at Greenfield Village, and more than 5000 people were recorded past his casket per hour which clearly shows the love people had for the great inventor and a revolutionary industrialist.